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Forward Air Shows Slight Increase in Profits

February 11, 2015

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Photo: Evan Lockridge
Photo: Evan Lockridge

The time-definite trucking and logistics services provider Forward Air Corp. has released figures showing a modest increases in earnings.

Net income in the final quarter of 2014 totaled $17.1 million compared to $15.6 million a year earlier or diluted earnings per share of 55 cents versus 50 cents for the Tennessee-based operation.

Operating revenue for the quarter increased 18.2% to $214.1 million from $181.1 million for the same quarter in 2013.

For 2014, net income was $61.2 million compared to $54.5 in 2013 or diluted earnings per share of $1.96 compared to $1.87.

Annual operating revenue increased 19.7% to $781 million from $652.5 million in 2013.

In the final quarter of 2014, Forward Air reported a 13.1% increase in its average weekly airport-to-airport linehaul shipments compared to the same time in 2013, while revenue per mile in its expedited full-truckload operation increased 17.8% to $1.85 and its cost per mile increased 21% to $1.44.

On Tuesday, the company’s board of directors declared a quarterly cash dividend of 12 cents per share of common stock, payable to shareholders of record at the close of business on March 12 and is expected to be paid on March 27.

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